Why should I sell gold?

Gold has been regarded as a precious metal for centuries. Today is no different. In fact, there has never been a better time to sell your gold, as gold prices have been particularly favourable in recent years.

In this tough economic climate, people are looking for new ideas to generate cash, and selling items they no longer use. Gold is no different; if you have a broken gold chain or gold watch sat in the bottom of a draw or hidden in your wardrobe, now is an excellent time to find these items and sell them.

Golden jewellery is often passed down families, and can quickly go out of fashion. Broken golden jewellery sometimes never gets fixed and is kept in a safe place for an indefinite period of time.

Whether you have a gold necklace, gold earrings, a gold chain, a gold pendant or gold rings, there will be people willing to buy your gold, regardless of whether the piece of jewellery is broken. Additionally, a number of other precious metals such as Platinum are also fetching very handsome prices.

You may ask yourself the question "But why would anyone want to use my old jewellery, it's not even fashionable?" Well the beauty with gold is that it can be melted down and used for other things. For example, a jeweller could melt down a large gold chain and use it to make some gold rings.

You can sell gold as it can be used in a variety of different ways, there will be many people willing to buy your gold. Additionally, the fact that it always retains a high value is another compelling reason to sell your gold.

What use is gold sat in the bottom of a drawer that could potentially fetch you a significant amount of money?

Gold can also be a great investment, and many people buy to sell. The gold may be scrap, but the prices can be premium!

How do I sell gold that I no longer use?

Due to the price of sell gold increasing significantly in recent years, there has been a large increase in the amount of companies that buy and sell gold. You will also find that most jewellers still buy and sell gold.

The huge increase in companies entering the market to buy and sell gold has unfortunately attracted a few less than reputable companies. Some local companies will offer you a price that is significantly lower than the current gold price. When you sell gold make sure you get a GOOD price.

It is highly advisable to take time to do research and get different quotes from different companies. Although some online companies will offer you good prices for your gold, be sure to use a company that is reputable.

Some people that want a quick sale will sell their gold to pawnbrokers. As pawnbrokers are just a middle man and will not use the gold themselves, they will offer you the lowest possible price so that they have a considerable profit margin when they sell your gold. Although pawnbrokers can be a good place to buy items, selling gold to them will rarely fetch you a good price.

If your local jeweller buys a piece of broken gold jewellery, he is unlikely to offer you the best price because of the extra costs and hassle involved in having the gold melted down and remade.

A simple rule of thumb is that the longer you have to sell your gold, the more likely it is that you will find a great deal, providing you use that time to find a reputable company who will offer you a good price.

Although people think that selling gold online takes a long time, this is not always true. You can usually sell gold and get through the whole sales process and have your cash in around three days.

You can sell your gold on an online auction site. Just remember that the responsibility rest with you. You will need to remove the gold ring or gold earring from any precious stones or other metals if you are just selling the gold. You may need a jeweller to help you with that, so that nothing gets damaged. When using an online auction it is essential that you weigh the gold correctly, describe in detail what you are selling and take clear pictures that are of the highest possible quality. Don't forget about costs incurred as well.

Is selling my gold worth it?

The short answer to this question is yes. If you shop around when you sell your gold, you'll realise just how high the demand is.

Several variables will affect the price you are offered for your gold:

Firstly, you're probably aware that the price of gold changes on a regular basis, so your priced will be determined by the current gold price, but won't be the same.

Secondly, it will depend on what carat your gold is; it could be 9ct, 24ct, or the other classifications in between. 24ct gold has the highest percentage of gold in the material, whereas 9ct gold has a much lower percentage.

Finally, how much you get is determined by how much the dealer is willing to pay, which is generally ten or fifteen per cent less than the market value. You are offered less than the market value so that dealers can make cover their costs and still make a profit.

How valuable are gold objects and gold antiques?

Gold objects and gold antiques can be extremely valuable when you come to sell gold. It is important to note that this is a very specialist market.

Just because an item is no longer fully functioning or not fashionable, it may still be worth a considerable sum of money.

A good example is antique gold coins. Many of them will fetch significantly more than the scrap value of gold. As this is a specialist market and prices can be high, be weary of the people you deal with.

If you can find and identify legible hallmarks, this may help you to discover more about the antique and who made it.

Contacting an experienced and reputable antiques dealer may also be beneficial. Your objects and antiques may be much more valuable than the market price of gold.